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Are the lines blurring between ULIPs and MFs?CNBCTV18 uncovers how insurance agents are blatantly pushing unitlinked insurance products merely as an investment option.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 7:25 am US banks failures reach nine in 2010!US Regulators shut down banks Friday in Florida, Missouri, New Mexico, Oregon and Washington, bringing to nine the number of bank failures so far in 2010.Source: Zee News : Business | 23 Jan 2010 | 5:13 am New bank rules unlikely to hurt big institutions!President Barack Obama`s latest broadside against big banks may have more bark than bite.Source: Zee News : Business | 23 Jan 2010 | 5:13 am Google founders Brin and Page to sell 10 mn shares!Google Inc founders Larry Page and Sergey Brin plan to sell about 10 million of the company`s shares over the next five years, the company said in a regulatory filing on Friday.Source: Zee News : Business | 23 Jan 2010 | 5:13 am US stocks sink again on Obama`s pushback on banks!The stock market suffered its worst setback in more than 10 months as investors rejected President Barack Obama`s plans to restrict big banks and earnings reports that just weren`t good enough.Source: Zee News : Business | 23 Jan 2010 | 5:13 am India to become 3rd largest economy by 2012!According to a report by global accounting firm PricewaterhouseCoopers (PWC), India can overtake Japan as the world`s third largest economy by purchasing power parity (PPP) by 2012.Source: Zee News : Business | 23 Jan 2010 | 5:13 am Indian firms launch first Euro IV diesel tendersIndian state refiners issued their first tenders to import Euro IVcompliant diesel to meet an April deadline for the roll out of cleaner fuel in 13 major cities.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am WTO members differ over bailout impact on tradeRichcountry members of the World Trade Organisation blocked calls on Friday by developing countries to examine the possible protectionist impact of bailouts and financial stimulus packages.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am UBS client wins appeal against US data handoverA client of Swiss bank UBS has won an appeal to prevent her account data being handed over to US authorities as part of a deal to give details on 4,450 clients to the US tax authority.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am Eurofighter leading race for India dealThe Eurofighter Typhoon is \"leading the race\" to win a contract from the Indian government for 126 fighter jets, valued at around USD10.4 billion, India\'s ambassador to Italy said on Friday.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am Galleon\'s Rajaratnam opposes SEC bid to add claimsGalleon Group founder Raj Rajaratnam urged a federal judge on Friday not to allow the US Securities and Exchange Commission to add new charges against him in a widening insider trading probe.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 4:53 am Wall Street drops on Obama plan, Bernanke delayUS stocks dropped on Friday as proposed sweeping restrictions on US banks and the delayed confirmation of Fed Chairman Ben Bernanke overshadowed solid earnings from General Electric and McDonald\'s.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:42 am Motorola files US ITC complaint against RIMMotorola Inc has asked US regulators to bar Research In Motion from the US sale of its products, accusing the BlackBerry maker of infringing on five Motorola technology patents.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:39 am EU queries impact of Microsoft/Yahoo deal on GoogleEU regulators are seeking market views on whether a Microsoft Corp plan to use Yahoo Inc\'s search technology would help the US software firm compete against dominant search engine Google Inc.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:39 am Two big, bailedout banks send CEOs to DavosThe CEOs of two major bailedout US banks plan to go to the World Economic Forum\'s schmoozefest at a glitzy ski resort in Davos, Switzerland.Source: Moneycontrol Top Headlines | 23 Jan 2010 | 3:39 am Cost control, quality credits boost Q3 profit: Indian Bank - Moneycontrol.com
Source: Business - Google News | 23 Jan 2010 | 3:20 am Sensex, Nifty tumble 4% this week - Myiris.com
Source: Business - Google News | 23 Jan 2010 | 3:11 am Five-year tax holiday for the hotels in NCRThe Centre has decided to give a five-year tax holiday to new hotels to incentivise completion of projects ahead of the Commonwealth GamesSource: Daily News & Analysis: Money News | 23 Jan 2010 | 3:10 am Maruti Q3 Net jumps 3 fold to Rs 687 cr to invest Rs 1 700 crBoosted by robust sales, India's largest car maker Maruti Suzuki India on Friday reported over three-fold jump in its net profit at Rs 687.53 crore for the third quarter ended December 31, 2009.Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 3:00 am Reliance ADAG among 10 suitors for MGM Wall Street JournalHollywood's famous film studio Metro-Goldwyn-Mayer (MGM) has received buyout bids from several potential suitors, including India's Reliance ADA Group (ADAG), according to the Wall Street Journal.Source: HindustanTimes.com - Top Business News Headlines | 23 Jan 2010 | 2:43 am Blanket denial is not helpful: US to China on Google - Business Standard
Source: Business - Google News | 23 Jan 2010 | 2:43 am Maruti Suzuki December quarter net profit soars Mumbai: India’s top carmaker Maruti Suzuki’s December quarter net profit more than tripled on improved sales, the company said on Saturday. Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, reported net profit of Rs688 crore ($149.2 million) compared with Rs214 crore a year earlier. Net sales rose to Rs7334 crore rupees from Rs4513 crore year ago. A Reuters poll of 13 brokerages forecast net profit at Rs577 crore on net sales of Rs7496 crore. The company sold 258,026 vehicles in the quarter, a rise of nearly 49% from a year earlier. Maruti sells around one in every two cars in India, with models including the best-selling Alto, A-Star and Ritz hatchbacks and the popular sedan Swift D’Zire. Shares in Maruti, valued at $9 billion, fell 8.2% in the December quarter, compared with a near 2% rise in the main index. Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 2:38 am Maruti Suzuki December quarter net profit soars Mumbai: India’s top carmaker Maruti Suzuki’s December quarter net profit more than tripled on improved sales, the company said on Saturday. Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, reported net profit of Rs688 crore ($149.2 million) compared with Rs214 crore a year earlier. Net sales rose to Rs7334 crore rupees from Rs4513 crore year ago. A Reuters poll of 13 brokerages forecast net profit at Rs577 crore on net sales of Rs7496 crore. The company sold 258,026 vehicles in the quarter, a rise of nearly 49% from a year earlier. Maruti sells around one in every two cars in India, with models including the best-selling Alto, A-Star and Ritz hatchbacks and the popular sedan Swift D’Zire. Shares in Maruti, valued at $9 billion, fell 8.2% in the December quarter, compared with a near 2% rise in the main index. Source: Home - Livemint.com | 23 Jan 2010 | 2:38 am See better 2010 for all European arms: Bharat Forge - Moneycontrol.com
Source: Business - Google News | 23 Jan 2010 | 2:35 am Maruti to invest Rs 1700 cr on expansion - Economic Times
Source: Business - Google News | 23 Jan 2010 | 2:29 am Motorola files US ITC complaint against RIMMotorola, which has been losing market share to Canada's RIM for years, said most of RIM's products infringe on at least one of the patents.Source: Daily News & Analysis: Money News | 23 Jan 2010 | 1:49 am Maruti Suzuki December quarter net profit soarsMaruti, in which Japan's Suzuki Motor Corporation holds a 54.2% stake, reported a net profit of Rs6.88 billion ($149.2 million) compared with 2.14 billion a year earlier.Source: Daily News & Analysis: Money News | 23 Jan 2010 | 1:34 am Essar Oil Q3 net loss at Rs226 cr Mumbai: Essar Oil on Saturday reported net loss of Rs226 crore for the third quarter ended 31 December, 2009. The company had net loss of Rs1,230 crore for the quarter ended December 2008, Essar Oil said in a filing to the Bombay Stock Exchange (BSE). The results for the period ended 31 December, 2009 are not comparable with the previous period ending on December 2008, in view of the start of commercial production of refinery with effect from 1 May, 2008, the company said. Total income stood to Rs9,958 crore for the third quarter. It was at Rs8,405 crore in the same period previous fiscal. Further, the company’s board has also appointed K.V. Krishnamurthy as independent director with immediate effect. Source: Home - Livemint.com | 23 Jan 2010 | 1:23 am Lahore high court dismisses plea against Pakistan's import of Indian vaccinesThe federal government's counsel said during the hearing of the matter that allowing the import of vaccines from India did not violate any Pakistani law.Source: Daily News & Analysis: Money News | 23 Jan 2010 | 1:18 am Maruti Suzuki Dec qtr net profit soarsMUMBAI (Reuters) - Top carmaker Maruti Suzuki's December quarter net profit more than tripled on improved sales, the company said on Saturday.Source: Reuters: Money News | 23 Jan 2010 | 1:00 am Sensex snaps 4-week winning streak, drops below 17,000-levelThe BSE benchmark Sensex snapped its four-week winning streak and dropped by 695 points past week to close below the psychological 17,000 mark on all-round selling pressure following disappointment from key corporate earnings amid a weak trend in the global markets.Source: India Business News | Business News - Times of India | 23 Jan 2010 | 12:55 am UN climate panel head says glacier alarm ‘regrettable error’New Delhi: The head of the UN’s climate science panel on Saturday said that a doomsday prediction about the fate of Himalayan glaciers was ‘a regrettable error’. Rajendra Pachauri, chairman of the Nobel-winning Intergovernmental Panel on Climate Change (IPCC) said in an emailed statement that the mistake arose out of ‘established procedures not being diligently followed’. Pachauri was referring to a forecast which featured in a benchmark report on global warming that the probability of glaciers in the Himalayas disappearing by the year 2035 and perhaps sooner is very high. The IPCC’s Fourth Assessment Report was a 938-page opus released in 2007 whose warning that climate change was on the march spurred politicians around the world to vow action. Earlier in week, the panel apologised for the poor application of well-established IPCC procedures. In the latest statement on what the media have dubbed Climategate, Pachauri said that the possibility of further errors in the report was minimal—if not non-existent. He added that the report general conclusions that Himalayan glaciers were retreating due to global warming were robust, appropriate, and entirely consistent with the underlying science. He said that the forecast that the glaciers could disappear by 2035 may have genuinely alarmed some people. But he said that there had been a benefit in that it created a heightened awareness about the real threat to Himalayan glaciers. The IPCC co-won the 2007 Nobel Peace Prize for bringing climate change to the world’s attention. The glacier error came to light after four prominent glaciologists and hydrologists wrote a letter to the prestigious US journal Science. They said that the paragraph’s mistakes stemmed from a report by the conservation group WWF. WWF had picked up a news report based on an unpublished study, compounded by the accidental inversion of a date—2035 instead of 2350—in a Russian paper published in 1996. The IPCC came under ferocious attack from climate sceptics ahead of the UN conference in Copenhagen in December. But Pachauri has defended the panel’s overall work, a position shared by other scientists, who say that the core conclusions about climate change are incontrovertible. Source: LatestNews-Home - Livemint.com | 23 Jan 2010 | 12:48 am Renault in India: The French Are Coming!After muted attempts at finding a niche in India, Renault prepares for an all out assault ...Source: India Business News | Business News - Times of India | 23 Jan 2010 | 12:03 am Global outsourcing deal value up 47% sequentially in Q4The global outsourcing market cranked out its best performance in six quarters as the Total Contract Value (TCV) spiked 47 per cent sequentially to $24.7 billion during fourth quarter ended December 2009, according to sourcing data and advisorySource: Business Line - Home Page | 23 Jan 2010 | 12:00 am FIIs sell Rs 12,000 cr in Nifty, stock futuresForeign institutional investors have turned aggressive sellers in the futures segment on theSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am Bharti Airtel mulls IPO for a tower unitBharti Airtel on Friday said that it is looking at listing one of its tower units Bharti Infratel or Indus in the next fiscal. While Infratel is a wholly-owned subsidiary of Bharti, Indus is a joint venture with Vodafone and IdeaSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am Kaushik Basu sees GDP growth at 7.5% in 2009-10Allaying fears of a drop in economic growth during the third quarter of the current fiscal, the Chief Economic Advisor to the Union Finance Ministry, Prof Kaushik Basu, on Friday projected the country's GDP to grow at 7.5-7.8 per cent inSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am Gas sales push Reliance Ind net profit up 15.8%Reliance Industries' net profit rose for the first time in five quarters as higher gas sales more than made good the declining profits from its principal business ofSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am Maruti Suzuki to hire 950 in 2010-11Maruti Suzuki said on Friday that it plans to hire 950 people in 2010-11 for various roles andSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am Robust growth in volumes lifts ITC net 27% in Q3Backed by robust growth in non-cigarette fast-moving consumer goods (FMCG), agri, paperboard and packaging businesses, ITC Ltd posted a 27 per cent rise in net profit at Rs 1,144 crore for the quarter ended December 31, 2009, against Rs 903 croreSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am L&T's topline woes persistLarsen & Toubro struggled to grow its revenues over its year-agoSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am Bharti Airtel Q3 profit up 2% as competition hots upBharti Airtel has reported a 2 per cent growth in its consolidated net profit to Rs 2,210 crore in the third quarter ended December 31, 2009 compared to Rs 2,159 crore in the corresponding quarter previousSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am City in tizzy as UK Conservatives plug Obama-style planA warning that Britain could follow the US with an Obama-style clampdown on banks has sparked fears and confusion in the City ofSource: Business Line - Home Page | 23 Jan 2010 | 12:00 am General Motors, Spyker make progress on Saab deal in StockholmGM nominated two wind-down supervisors for Saab last week, but said it was also considering bids for the company, keeping the future of the iconic Swedish car maker uncertain.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 11:17 pm Google founders Brin and Page to sell 10 million sharesPage and Brin currently own about 57.7 million shares of Google's Class B common stock -- roughly 18% of Google's outstanding capital stock and about 59% of the voting power of Google''s outstanding capital stock.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 11:14 pm Galleon's Rajaratnam opposes Securities and Exchange Commission's bid to add claimsThe SEC asked district judge Jed Rakoff to let it amend its civil complaint against Rajaratnam and others, in what investigators have described as the largest hedge fund insider trading case ever.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 11:04 pm US astronaut sends first tweet from spaceAn American astronaut has sent the first "tweet" from space after getting a personal Web connection on the International Space Station. Timothy "TJ" Creamer, a NASA flight engineer, sent the Twitter message from his @Astro_TJ account.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 10:44 pm Gujarat collects 17% more as I-TIT department in Gujarat has achieved 72% of its target of Rs14,790 crore for the financial year 2009-10.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 10:44 pm Twitter cuts feature on site over security flawTwitter co-founder Biz Stone said that the company had temporarily cut off access to a feature that lets users display Twitter updates on their websites by using Flash technology.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 10:37 pm Feisty Obama: "I won't stop fighting for you"ELYRIA, Ohio (Reuters) - President Barack Obama rejected criticism that he has spent too little time trying to generate jobs and defended his focus on healthcare in a speech that showed a feisty tone at the end of a tough week.Source: Reuters: Money News | 22 Jan 2010 | 9:00 pm Google co founders to sell 5 5B combined in stockGoogle Inc co-founders Larry Page and Sergey Brin are relinquishing some of their control over the Internet search leader with the sale of 10 million shares worth $5.5 billion at current prices.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 8:57 pm 'We will take a decision on capital infusion in Feb'marnath Ananthanarayanan, CEO of Bharti AXA, tells DNA Money, fierce competition notwithstanding his company is looking to double its premium income next fiscal.Source: Daily News & Analysis: Money News | 22 Jan 2010 | 8:55 pm Toyota s recall may spread to Europe reportJapan's Toyota Motor may recall its vehicles in Europe due to an accelerator problem that triggered massive recalls in the United States, a newspaper reported on Saturday.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 8:06 pm Motorola files U.S. ITC complaint against RIMNEW YORK (Reuters) - Motorola Inc has asked U.S. regulators to bar Research In Motion from the U.S. sale of its products, accusing the BlackBerry maker of infringing on five Motorola technology patents.Source: Reuters: Money News | 22 Jan 2010 | 6:39 pm Two big, bailed-out banks send CEOs to DavosNEW YORK (Reuters) - The CEOs of two major bailed-out U.S. banks plan to go to the World Economic Forum's schmoozefest at a glitzy ski resort in Davos, Switzerland.Source: Reuters: Money News | 22 Jan 2010 | 6:34 pm GM, Spyker make progress on Saab deal in StockholmAMSTERDAM/DETROIT (Reuters) - General Motors Co has made progress toward a revived deal to sell its Swedish Saab brand to Spyker Cars NV after negotiations in Stockholm on Friday, a Spyker executive and a second person with direct knowledge of the talks said.Source: Reuters: Money News | 22 Jan 2010 | 6:07 pm Bernanke 2nd term in doubt despite Reid backingWASHINGTON (Reuters) - Ben Bernanke's confirmation to a second term as U.S. Federal Reserve chairman suddenly appeared in jeopardy on Friday even after U.S. Senate Majority Leader Harry Reid said he would back him.Source: Reuters: Money News | 22 Jan 2010 | 6:06 pm Galleon's Rajaratnam opposes SEC bid to add claimsNEW YORK (Reuters) - Galleon Group founder Raj Rajaratnam urged a federal judge on Friday not to allow the U.S. Securities and Exchange Commission to add new charges against him in a widening insider trading probe.Source: Reuters: Money News | 22 Jan 2010 | 6:04 pm Google founders Brin and Page to sell 10 mln sharesNEW YORK (Reuters) - Google Inc founders Larry Page and Sergey Brin plan to sell about 10 million of the company's shares over the next five years, the company said in a regulatory filing on Friday.Source: Reuters: Money News | 22 Jan 2010 | 5:55 pm RIL surprises D-Street with 16% jump in Q3 profit - Economic Times
Source: Business - Google News | 22 Jan 2010 | 5:05 pm CESC plans huge investment - The Hindu
Source: Business - Google News | 22 Jan 2010 | 2:49 pm Grasim net zooms 80% to Rs 596crNet sales during the third quarter under review rose 15% to Rs 3,052 crore during the quarter from Rs 2,659 crore last year.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:14 pm ITC Q3 profit jumps 27% to Rs 1144 croreTobacco-to-hotels major ITC said its Q3 net surged 27% to Rs 1144 crore from Rs 903 crore during the same period last fiscal on the back of above par performances by the cigarette, agri and paperboards businesses.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:12 pm Sensex closes below 17k mark, sheds 191 pointsThe nifty closed at 5,036. In the last four days, the sensex has lost nearly 800 points, or 4.4%, mainly due to disappointing results from some of the frontline companies and global cues.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:09 pm Core sector clocks 6% growth in DecThe six core sectors grew 6% in December, which is likely to drive up industrial growth and make up for any loss of farm production to sustain the Indian economic growth story. In December 2008, the core sectors had grown by 0.7% only.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:08 pm RIL profit rises after 5 quartersAfter dipping for five quarters in a row, Reliance Industries' (RIL) net profit rose at 16% to Rs 4,008 crore in the quarter ended December 2009, up from Rs 3,462 in the year-ago period.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:06 pm Bharti net marginally up, grows 2% to Rs 2210crTelecom firm Bharti Airtel beat negative forecasts to report a 2% growth in quarterly net profit to Rs 2,210 crore from Rs 2159 crore during same period last fiscal.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 2:03 pm Tatas, NMDC enter allianceTata Steel and NMDC on Friday signed an MoU to explore possible areas of strategic alliance, including forming joint ventures in the fields of steelmaking and mining in India and overseas.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 1:59 pm Power sector goes on hiring spreeThe domestic power sector is on a recruitment overdrive. After raising a record Rs 27,000 crore via IPOs over the last two years, power companies are now mopping up talent to kickstart projects to boost generation.Source: India Business News | Business News - Times of India | 22 Jan 2010 | 1:55 pm Bharti rings in better Q3 numbers - Economic Times
Source: Business - Google News | 22 Jan 2010 | 1:07 pm Grasim: Cement consolidation plan holds key - Economic Times
Source: Business - Google News | 22 Jan 2010 | 12:47 pm North Block rejig ahead of BudgetFinance Minister Pranab Mukherjees core team for the Budget will witness a crucial change on February 1. With the government announcing the appointment of Sunil Mitra as revenue secretary, the West Bengal cadre official will now move to North Block from the Department of Disinvestment, where he spearheaded the recent divestment drive of public sector companies.Source: Business Standard | Front Page Headlines | 22 Jan 2010 | 12:14 pm QIPs back in vogue with Rs 10k cr plansWith stock market sentiments bullish and investors back from their holidays, Qualified Institutional Placement (QIP) is also back in vogue. India Inc plans to raise more than Rs 10,000 crore through QIP in the next few months.Source: Business Standard | Front Page Headlines | 22 Jan 2010 | 12:13 pm Early birds on a high post profits spikeSome big boys disappoint, but India Incs Oct-Dec show has been impressive.Source: Business Standard | Front Page Headlines | 22 Jan 2010 | 12:11 pm Govt asks US regulator to go easy on born-again Satyam - Economic Times
Source: Business - Google News | 22 Jan 2010 | 12:08 pm Bring the public back into the republic Drafted under Ambedkar, shepherded by Patel, articulated by Nehru and presided over by Rajendra Prasad, the Indian Constitution espouses the noblest of ideals. It is far more detailed than its American counterpart, which held that all men are created equal, but glossed over festering societal inequalities with respect to blacks and women. Lincoln had to wage a war to abolish slavery, and the suffragette movement struggled for years before voting rights were given to women. India’s Constitution, right from its inception, addressed a range of issues that could cause communal tensions. It gave voice to minorities and provided forums for debate.  We the people: Rajendra Prasad was the president of the Constituent Assembly. Unlike the Japanese constitution, which was written in a scant few months by foreigners under General MacArthur and presented to the Diet as a fait accompli, India took three years to write what is arguably the longest constitution in the world. It has 94 amendments. Japan has none. Although written by the elite, India invited submissions from political parties, religious groups and the general public, testifying, as Ramachandra Guha says in his book, India after Gandhi, to “the baffling heterogeneity of India, but also to the precocious existence of a rights culture among Indians” that harked back to the early gana sanghas or republics of ancient India. The Constitution borrows more from Western liberalism than the flowering republics of Aryavarta. It was also written amid crises: refugees of Partition, food scarcity, religious riots and intransigent princes. “Fundamental rights framed against the carnage of fundamental wrongs,” as historian Granville Austin put it. Also Read Shoba’s previous Lounge columns And yet, the Indians engaged. They—our predecessors—discussed basic human rights, language, minorities, tribals, women’s issues, and how much to borrow from Western norms. As Guha says, “They were many; they were divided; and they were vocal.” Born of this messy consensus, the Indian Constitution is a magnificent document. It also needs to be rewritten, not in the literal sense but in order to popularize it and make it speak to “we the people” who have inherited its doctrines. Ask 20 Indians in any metro what they know about our Constitution. Ask 100 college students if they know its tenets. I am willing to bet good money that you’ll find one, maybe two Indians who will have some clue about what our Constitution says. Compare this to America or France, republics both. In the movie, The American President, actor Michael Douglas discusses the constitution with his daughter, Lucy. News anchors and politicians bring up its “self-evident” truths during programmes that have very little to do with politics. In France, constitutional trivia provides fodder for television quizzes and game shows. America’s constitution permeates the national dialogue, even today. It stays current and relevant because its citizens still discuss it. Indians, on the other hand, have placed the Constitution on so high a pedestal that it has stopped resonating with the very people it was intended for. Simply put, we need to popularize what our republic stands for, somewhat like South Africa has recently done. We need to market it, not to the scholars who read K.M. Munshi but to the teenagers who listen to Bollywood rap. We need the Alladi Krishnaswami Aiyer-meets-A.R. Rahman version of it. This is not hard to do. Karadi Tales can do a sing-along version of India’s first principles. Amar Chitra Katha can create an illustrated story of how our Constitution came to be. Pratham Books can commission a Constitution for Children series, fraught as it is with colourful characters set against a dramatic backdrop. Rajkumar Hirani could get over his 3 Idiots and write the Munna Bhai equivalent for the Constitution. Just as bumbling Munna contemporized the Mahatma’s message, a wise-cracking, fast-talking Koli fisherwoman can enact Gandhiji’s dream of an “untouchable woman president” on the big screen and popularize the tenets of this republic. We need Mallu, Maadu, Sindhi and Sardarji jokes about our Constitution; we need to get Robert and Mona Darling to banter about its issues; we need ad jingles that skew its message; we need saas-bahu serials that invoke its lines; we need college debates and reality shows based on it. We need our Constitution to speak to us. All it takes is a few celebrities to get the ball rolling. Instead of tatkal twittering and then blaming the media for taking his message out of context, minister Tharoor (who, I personally think, has had enough of being minister) can tweet about the Constitution rather than his calendar. Chetan Bhagat can write about the state of our republic after his 2 States. Our rich heritage of folk songs and street theatre can be used to make this important historical document come alive for its citizens. Consider Article 16, which talks about equality of opportunity. The rap version would be, “Yo Bro. You wanna job. You gotta job. Equal opportunity but social justice. Peace, man.” The rap version of Article 19 can dispense with the “notwithstanding” and other legal but necessary jargon and emphasize the basic rights of free speech, assembly, association and movement. For example, the folk version could be a catchy Asha Bhosle tune about a nation of talkers who move within the motherland and love to get together. Or some version thereof. By making the Constitution accessible, we not only help India’s future citizens know their rights and responsibilities, we also teach both the elite and the common man not to take its blessings for granted. The lofty ideals of the Indian republic are worth fighting for. They just need to trickle down from scholars to schoolchildren; from libraries to lounge bars; from educational institutions to no-name addas. The “Constitution is a living document”, as the government of India’s website says. Simplifying and popularizing it will mean no disrespect. Rather, it will lay the foundation for the people to understand and enact its tenets more faithfully than we are now doing. Shoba Narayan is channelling the rapper, T-Pain, as she reads the Indian Constitution. Write to her at thegoodlife@livemint.com Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 12:00 pm Sequoia to invest in online travel agencyNew Delhi / Bangalore: Venture capital firm Sequoia Capital India has invested around $10 million (Rs46 crore) in online travel agency Via. Sequoia completed the investment in the Bangalore-based firm, formerly known as FlightRaja, in December, people aware of the deal said on condition of anonymity. Via had in 2007 raised $5 million from NEA-IndoUS Ventures. Sequoia Capital declined to comment on the matter. Vinay Gupta, the co-founder and chief executive of Via, could not be reached for comment. Founded in July 2006, Via provides services such as bookings for flights, railways, buses and holidays. Unlike other travel websites, Via works with agents who process their customers’ transactions online. “While other OTAs (online travel agencies) have made travel agents less relevant, this company is working with them,” said a person familiar with the transaction, who also declined to be named. feedback@livemint.com Source: Home - Livemint.com | 22 Jan 2010 | 12:00 pm Gas lifts Reliance’s Q3 profitMumbai: Reliance Industries Ltd (RIL), India’s most valuable company by market capitalization, posted a better- than-expected 16% rise in net profit—its first profit increase in more than a year—buoyed by earnings from gas sales and its new refinery.  Graphic: Ahmed Raza Khan / Mint The higher earnings may help fund the company’s bid to acquire bankrupt chemicals and fuels maker LyondellBasell Industries AF, which, if successful, would give it access to Western markets. RIL has also said it may buy oil fields in the Gulf of Mexico and Brazil. The numbers, which showed the immediate impact of an increase in output from its gas fields, and hinted that these will be a major profit driver for RIL in the coming quarters failed to enthuse investors—despite serving to offset lower earnings from processing oil. Shares of RIL closed almost flat, losing 0.06%, to end trading on the Bombay Stock Exchange at Rs1,053.15 each on Friday, even as the exchange’s benchmark Sensex index lost 1.12%, largely on global cues, to close at 16,859.68 points. Margins at RIL’s flagship business nearly halved to $5.90 (around Rs273) a barrel, but still beat market estimates. “The GRMs (gross refining margins) are higher than expected. The company has done a better job here...(it) could be because of better product mix and operational efficiency,” said Maulik Patel, head of research at Mumbai-based KR Choksey Shares and Securities Pvt. Ltd. Gas was the primary factor propping up profits, added Patel, and will continue to do so in the coming quarters as well. Analysts expect refining margins to rise as the global economy recovers. “We expect refining margins to improve if crude oil prices remain at the current levels,” said K.K. Mittal, head of portfolio management services at Globe Capital Market Ltd. “The volumes will come from the gas business...and that is what we have to watch out for.”  “We have a premium of about $4 (per barrel) over Singapore GRMs and it has expanded for the first time in several quarters despite increasing volumes,” RIL’s chief financial officer Alok Agarwal told reporters, adding that he was confident the company would see higher refining margins in 2010. RIL chairman Mukesh Ambani said in a statement that he was “delighted that both.. (the) key projects, namely the new SEZ refinery and KG D6 oil and gas development, have ramped up successfully and safely”. Reports put out by analysts tracking RIL ahead of its results indicated that they were expecting a surge in profit and revenue on the back of gas sales from RIL’s prolific D6 block in the Krishna-Godavari (KG) basin, off India’s east coast, as well as a “base effect” in year-on-year comparisons, as adverse macroeconomic conditions and the global financial meltdown had depressed the company’s financials in the quarter ended December last year. Moreover, two significant contributors to the company’s revenue in the quarter ended December 2009—KG D6 gas and the new Jamnagar refinery—were not around in 2008. RIL increased output at KG D6, India’s biggest gas field. The full impact of the ramp-up in gas production, up to 60 million standard cu. m a day (mscmd) of gas, is reflected in the company’s books. The revenue of the exploration and production segment jumped 242% to Rs3,530 crore in the October-December quarter. RIL has already tested its facilities to expand gas production to 80 mscmd, but has not decided on a time frame for this. It has executed supply agreements with 48 customers for delivery of over 61 mscmd of gas, said the company statement. RIL is awaiting the verdict of the Supreme Court in a lawsuit over the sale of gas from the KG D6 field. Anil Ambani, Mukesh Ambani’s estranged brother, wants RIL to supply gas to his company at a rate agreed when the family business was split between the two brothers. RIL says it can’t sell at less than the rate set by the government and to buyers not approved by the Centre. The court reserved judgement after the arguments ended last month. RIL’s new 580,000 barrels a day refinery in Jamnagar operated at 115% capacity while its older, adjacent refinery operated at full capacity rates that are among the highest globally at a time when average refinery utilization rate was 81.6% in North America, 76.4% in Europe and 81.6% in Asia, added the statement. The bread-and-butter refining business for RIL accounts for the highest proportion of overall company revenues. For the December quarter, this segment had revenue of Rs48,000 crore, up 143% from last year. The petrochemicals business also ended the quarter with a 17% increase in revenue to Rs14,756 crore and 20% increase in production, driven by domestic demand, at a time when its global peers are battling subdued demand. RIL’s sound financial performance and several fund-raising exercises—it has raised Rs9,300 crore by selling its own shares in three tranches in the past four months—could increase its chances of acquiring LyondellBasell and force the latter’s management to consider its offer seriously. Agarwal declined an update on the takeover or whether the company was looking to sell more shares to raise money. Buying the Netherlands-based company, which may be valued at as much as $14.5 billion, will create a company with at least $80 billion in revenue and give RIL plants and two refineries in the US and Europe. For the nine months ended 31 December, the company had Rs70,008 crore outstanding debt, cash and cash equivalents of Rs15,959 crore and had spent Rs7,858 crore by way of capital expenditure on its projects. The company had a much higher depreciation provisioning of Rs2,795 crore this quarter, compared with Rs1,323 crore last year and an “other income” of Rs508 crore, down from Rs663 crore last year. Bloomberg’s Rakteem Katakey and Reuters’ Pratish Narayanan contributed to this story. Source: Home - Livemint.com | 22 Jan 2010 | 12:00 pm Bring the public back into the republic Drafted under Ambedkar, shepherded by Patel, articulated by Nehru and presided over by Rajendra Prasad, the Indian Constitution espouses the noblest of ideals. It is far more detailed than its American counterpart, which held that all men are created equal, but glossed over festering societal inequalities with respect to blacks and women. Lincoln had to wage a war to abolish slavery, and the suffragette movement struggled for years before voting rights were given to women. India’s Constitution, right from its inception, addressed a range of issues that could cause communal tensions. It gave voice to minorities and provided forums for debate.  We the people: Rajendra Prasad was the president of the Constituent Assembly. AFP Unlike the Japanese constitution, which was written in a scant few months by foreigners under General MacArthur and presented to the Diet as a fait accompli, India took three years to write what is arguably the longest constitution in the world. It has 94 amendments. Japan has none. Although written by the elite, India invited submissions from political parties, religious groups and the general public, testifying, as Ramachandra Guha says in his book, India after Gandhi, to “the baffling heterogeneity of India, but also to the precocious existence of a rights culture among Indians” that harked back to the early gana sanghas or republics of ancient India. The Constitution borrows more from Western liberalism than the flowering republics of Aryavarta. It was also written amid crises: refugees of Partition, food scarcity, religious riots and intransigent princes. “Fundamental rights framed against the carnage of fundamental wrongs,” as historian Granville Austin put it. Also Read Shoba’s previous Lounge columns And yet, the Indians engaged. They—our predecessors—discussed basic human rights, language, minorities, tribals, women’s issues, and how much to borrow from Western norms. As Guha says, “They were many; they were divided; and they were vocal.” Born of this messy consensus, the Indian Constitution is a magnificent document. It also needs to be rewritten, not in the literal sense but in order to popularize it and make it speak to “we the people” who have inherited its doctrines. Ask 20 Indians in any metro what they know about our Constitution. Ask 100 college students if they know its tenets. I am willing to bet good money that you’ll find one, maybe two Indians who will have some clue about what our Constitution says. Compare this to America or France, republics both. In the movie, The American President, actor Michael Douglas discusses the constitution with his daughter, Lucy. News anchors and politicians bring up its “self-evident” truths during programmes that have very little to do with politics. In France, constitutional trivia provides fodder for television quizzes and game shows. America’s constitution permeates the national dialogue, even today. It stays current and relevant because its citizens still discuss it. Indians, on the other hand, have placed the Constitution on so high a pedestal that it has stopped resonating with the very people it was intended for. Simply put, we need to popularize what our republic stands for, somewhat like South Africa has recently done. We need to market it, not to the scholars who read K.M. Munshi but to the teenagers who listen to Bollywood rap. We need the Alladi Krishnaswami Aiyer-meets-A.R. Rahman version of it. This is not hard to do. Karadi Tales can do a sing-along version of India’s first principles. Amar Chitra Katha can create an illustrated story of how our Constitution came to be. Pratham Books can commission a Constitution for Children series, fraught as it is with colourful characters set against a dramatic backdrop. Rajkumar Hirani could get over his 3 Idiots and write the Munna Bhai equivalent for the Constitution. Just as bumbling Munna contemporized the Mahatma’s message, a wise-cracking, fast-talking Koli fisherwoman can enact Gandhiji’s dream of an “untouchable woman president” on the big screen and popularize the tenets of this republic. We need Mallu, Maadu, Sindhi and Sardarji jokes about our Constitution; we need to get Robert and Mona Darling to banter about its issues; we need ad jingles that skew its message; we need saas-bahu serials that invoke its lines; we need college debates and reality shows based on it. We need our Constitution to speak to us. All it takes is a few celebrities to get the ball rolling. Instead of tatkal twittering and then blaming the media for taking his message out of context, minister Tharoor (who, I personally think, has had enough of being minister) can tweet about the Constitution rather than his calendar. Chetan Bhagat can write about the state of our republic after his 2 States. Our rich heritage of folk songs and street theatre can be used to make this important historical document come alive for its citizens. Consider Article 16, which talks about equality of opportunity. The rap version would be, “Yo Bro. You wanna job. You gotta job. Equal opportunity but social justice. Peace, man.” The rap version of Article 19 can dispense with the “notwithstanding” and other legal but necessary jargon and emphasize the basic rights of free speech, assembly, association and movement. For example, the folk version could be a catchy Asha Bhosle tune about a nation of talkers who move within the motherland and love to get together. Or some version thereof. By making the Constitution accessible, we not only help India’s future citizens know their rights and responsibilities, we also teach both the elite and the common man not to take its blessings for granted. The lofty ideals of the Indian republic are worth fighting for. They just need to trickle down from scholars to schoolchildren; from libraries to lounge bars; from educational institutions to no-name addas. The “Constitution is a living document”, as the government of India’s website says. Simplifying and popularizing it will mean no disrespect. Rather, it will lay the foundation for the people to understand and enact its tenets more faithfully than we are now doing. Shoba Narayan is channelling the rapper, T-Pain, as she reads the Indian Constitution. Write to her at thegoodlife@livemint.com Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 12:00 pm Pick tier I public sector banks only if you have a long-term viewMost private sector banks, that have so far declared earnings for the December quarter, have taken analysts by surprise, beating profit expectations by a wide margin. They have managed this due to higher fee income and rising demand for loans from individuals and companies. Mint spoke to Aditi Thapliyal, banking analyst at Noble Group Ltd,on whether this run was sustainable. Edited excerpts: Despite credit growth being on the lower side, how have banks been able to beat Street profit expectations? Is this sustainable?  PSU edge: A Punjab National Bank in Rohtak, Haryana. State-owned banks have access to low-cost deposits, better credit quality. Harikrishna Katragadda / Mint The reasons why we say this are: there is likely to be yield pressure from lower loan growth; PSU banks are likely to have lower treasury gains in the earlier quarters. We have already seen that in the case of their private sector peers. You are also likely to see higher credit cost for some PSU banks as they comply with the 70% RBI (Reserve Bank of India) provisioning requirement. How are banks managing cost of funds? How are they increasing their net interest margins? Part of the reason why net interest margins have increased in the past two quarters and Q3 has been because cost of credit is trending downwards. But going forward, we believe that cost management for banks will be the banks’ ability to increase its low-cost deposits as systemic interest rates trend upwards. What are your thoughts about the asset quality of banks? How are these teaser rates and the like going to affect this? Considering the phase of the economic recovery we are in, it is difficult to see the non-performing assets of banks rising substantially. However, that being said, there is a fair degree of opacity around re-structured loans, particularly for PSU banks. Even to this day, only 4-4.5% of the loan book has been restructured and we have already seen some negative surprises in the last quarter for some of the tier I PSU banks. So outlook depends on how restructured loans behave. What about outlook on loan growth? Our optimistic assumption for loan growth is 15% for 2010. I would recommend not looking at last fortnight’s number of Rs80,000 crore increase in loan growth. What we hear from our network and secondary sources is that this is artificial growth. I would look at two more fortnights before that number is seen as something that is likely to be repeated. Would you say that private sector banks are better bets for investors? PSU banks trade at a discount to private sector players due to concerns of political interference, (poor) management incentives and inability to hire best middle managers. What is not appreciated by consensus (analyst opinion) is that PSU banks have formidable advantages in terms of access to low-cost deposits, access to government business and better credit quality. Along with this, on a range of fundamentals, tier I PSU banks have done much better. So considering this, valuations are bizarre. If you have a long-term view, you might want to pick tier I PSU banks rather than the more expensive private sector banks. But at this juncture of the credit cycle, PSU banks are likely to underperform as bond yields trend upwards. ravi.k@livemint.com Source: Home - Livemint.com | 22 Jan 2010 | 12:00 pm Robust sales boost Mcleod Russel profitKolkata: The world’s biggest tea plantation company, Mcleod Russel India Ltd on Friday said its net profit in the quarter till December had grown 184% over the same period last year to Rs137.94 crore. Total revenue rose 40% year-on-year to Rs347.26 crore. In the quarter till December, the company said it sold 23.5 million kg of tea at an average price of Rs142.41 per kg compared with Rs114.91 per kg a year ago. Sales in the third quarter of the current fiscal had gone up by around 2.5 million kgs compared with last year, McLeod Russel said in a statement. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 11:56 am Quick Edit | That damn fog...At a time when a thick fog has engulfed New Delhi and other parts of north India, here’s a point to ponder over. Another city was famously enveloped in dense fogs that brought visibility down to zero—the London that was captured in the Sherlock Holmes stories, the tales of Jack the Ripper preying on his victims in smoky streets, the famous impressionist painting by Claude Monet depicting the silhouette of the British houses of Parliament in a fog and some of the early films by Alfred Hitchcock. One of the worst episodes was in December 1952, when a dense fog blinded the city and even seeped indoors, forcing theatre owners to cancel film shows because the audience could not see what was happening on screen. All this is history. London is now blessed with clear skies on even the most wintry days. Why? First, Britain is now a post-industrial economy with few functioning smokestacks. Two, the Clean Air Act of 1956 forced people to stop burning coal and wood to heat homes. There are lessons here for us. Fogs that bring entire cities to a halt are not inevitable. Source: Home - Livemint.com | 22 Jan 2010 | 11:16 am Lower treasury income dents Allahabad Bank profitKolkata: State-run lender Allahabad Bank on Friday said Oct-Dec net profit fell 6.5% and a top official attributed the drop to lower treasury income during the quarter. The Kolkata-based lender reported net profit of Rs3.45 billion, compared with 3.69 billion a year-ago. A Reuters poll of brokerages had estimated net profit of Rs1.88 billion. Treasury income more than halved to Rs1.33 billion from 2.88 billion a year ago, J.P. Dua, chairman and managing director told reporters. “That’s the main reason for the drop in net profit,” he added. “Our net profit for Oct-Dec quarter from the core operations stood at Rs2.12 billion as against Rs810 million a year ago,” he said.. In the same period, net interest income of the bank stood at Rs6.76 billion, up 11% compared to Rs6.04 billion last year. The bank’s net interest margin (NIM) narrowed to 2.97% during the quarter from 3.24% a year ago. “The lending rates have come down significantly from the corresponding period last year, which explains why the NIM was down marginally,” Dua said. The bank expects to maintain a NIM of 2.75% going forward in the Jan-Mar quarter, he added. “Our bulk deposits as on December 2009, stood at Rs11.06 billion compared to Rs88.31 billion, a year ago. Currently, the incremental cost of borrowing is at around 5.57%, so we will be able to maintain a NIM of at least 2.75% going forward.” The net non-performing assets to net advances ratio came down to 0.35% as against 0.82% a year ago, he said. The bank reported a year-on-year advances growth of 24.51% while deposits grew 25.39%. “We are witnessing increasing credit off-take from the sectors like retail and infrastructure. Going by the current trends, in the current quarter we would comfortably achieve our target of 18% credit growth for the fiscal 2009-10,” Dua said. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 11:15 am Obesity drug comes under DCGI scannerNew Delhi: India’s drugs regulator is set to investigate anti-obesity drug sibutramine following its ban in Europe and a fresh warning against it by the US watchdog agency. Sibutramine is sold in India by close to 12 pharma companies, including Abbott India Ltd, Cipla Ltd, Glenmark Pharmaceuticals Ltd, Torrent Pharmaceuticals Ltd and Sun Pharmaceutical Industries Ltd. On 21 January, the European Medicines Agency (EMA) issued a letter recommending the suspension of marketing authorizations for sibutramine after studies showed it increases the risk of cardiovascular events. The same day the US Food and Drug Administration requested the manufacturer of the drug to add a new contraindication to the existing warning for the sibutramine drug label. Sibutramine, sold under the brand names such as Reductil, Meridia and Sibutrex globally, has a market value of Rs23.7 crore as per ORG IMS and was approved for marketing in India in December 1999 and is an “old drug” as per Indian law. Thus, manufacturers of the drug in India do not need a licence from the Centre, but require one from the state drug authorities. However, the marketing approval authorization still remains with the Centre—the drug controller general of India (DCGI). “On Monday I will write to members of our expert committee asking for a meeting within the next fortnight,” said DCGI Surinder Singh. “We will also invite one or two major manufacturers. Along with the experts we can then deliberate upon the data available now and then take a decision on whether we need to issue a warning or ban the drug in India.” He added that manufacturers of the drug would also be given an opportunity to present their views. “Since these decisions were taken outside India based on the active pharmacovigilance programme there, we need to have the industry on board as India doesn’t have a very strong pharmacovigilance system,” Singh said. EMA’s decision came after the review of data from the sibutramine cardiovascular outcome trial (SCOUT) that was conducted on 10,000 patients. The trial showed an increased risk of serious, non-fatal cardiovascular events such as stroke or heart attack. Based on the findings, EMA advised that doctors no longer issue any new prescriptions for sibutramine and review the treatment of those who are currently taking the medicine. It also advised that pharmacists should not dispense any prescriptions for sibutramine. “The SCOUT trial showed some excess cardiovascular events in high-risk groups with previous history of heart attack and stroke,” said Dr Anoop Misra, director and head, department of diabetes and metabolic diseases at Fortis Hospitals. “There anyway it was doubtful if this drug will show benefit. However, in only obese people it remains to be proven if this drug will show similar effects. Certainly more evidence is required to ban this drug.” The process of assessing the marketing of sibutramine in India will, however, be similar to that of anti-obesity drug rimonabant, which was banned in the country last year. Rimonabant’s marketing authorization was suspended in India in November 2008 after EMA recommended that member countries not allow it to be sold because it caused serious psychiatric side effects, including suicidal tendencies. However, it took almost eight months to ban the drug in India following consultations with the industry and the Drug Technical Advisory Board, the highest such body related to pharmaceuticals. “Although most of the patients enrolled within SCOUT are contraindicated from being treated with sibutramine under normal conditions of use, the (European) committee considered the cardiovascular risk to be relevant to normal clinical use because it is not always possible to identify underlying cardiovascular disease in patients who are obese or overweight,” said C.M. Gulhati, editor of medical journal, Monthly Index of Medical Specialities. Apart from sibutramine, only one other anti-obesity drug, orlistate, remains in the global market. Others such as rimonabant, fenfluramine and dexfenfluramine have already been banned for unacceptable side effects. Other companies selling this drug in India are Intas Pharmaceuticals Ltd, Emcure Pharmaceuticals Ltd, Ind-Swift Laboratories Ltd, Mankind Pharma, Microlabs Ltd, Eris Lifesciences Pvt. Ltd and Ordain Health Care Pvt. Ltd. Source: Home - Livemint.com | 22 Jan 2010 | 11:12 am Funding for NREGS may be raised 15%New Delhi: The Mahatma Gandhi National Rural Employment Guarantee Scheme (NREGS) may get a 15% increase in allocation in Budget 2010, a senior official in the ministry of rural development said, adding that it is likely to get around Rs45,000 crore instead of its current allocation of Rs39,100 crore.  NREGS (alternatively called NREGA after the Act on which the scheme is based), is the flagship programme of the Congress-led United Progressive Alliance government and is widely credited with helping the alliance win last year’s general election. The scheme promises 100 days of work every year to at least one adult member of every rural household at a minimum wage. “The ministry had projected a requirement of Rs62,000 crore for NREGA, but we are likely to get something in the range of Rs45,000-50,000 crore, perhaps closer to Rs45,000 crore,” said the official who did not want to be identified. The scheme currently covers 619 districts across India. The significant increases of past years can also be attributed to the increase in coverage, from 330 districts in 2007-08 to 615 districts in 2008-09 to 619 districts in 2009-10. According to data from the rural development ministry, the scheme has used around 63%, or Rs24,538 crore, of the total budget allocation till the end of December and provided jobs to people in 41.5 million households. The average duration of employment per household was 46 days, against the stated goal of 100 days. A second official at the ministry said the scheme would have no problems using up its budget for the year.  Flagship programme: Villagers from Dilwara district in Rajasthan build a channel and a wall for water harvesting under NREGS.Madhu Kapparath/Mint A state-wise break-up of utilization shows that while most states have managed to utilize over 55-60% of allocated fundsin 2009, some, such as Maharashtra, Jammu and Kashmir, and Arunachal Pradesh among others, have used less than 50%. “This is a demand-based scheme and the expenditure is incurred accordingly,” said the first official. “This is why there cannot be a specific stipulation for spending under the scheme.” The official was explaining why NREGS is exempt from a government stipulation that ministries spend two-thirds of the amounts allocated to their various schemes till December or have some of their allocations lapse. According to data from the rural development ministry, it has spent 68.99%, or Rs43,237 crore, of the total allocation of Rs62,670 crore till mid-January (including NREGA); excluding NREGA, the ministry has spent around 79% of the total budget allocation—Rs18,666 crore of Rs23,570 crore. Source: Home - Livemint.com | 22 Jan 2010 | 11:12 am Indian firms launch first Euro IV diesel tendersNEW DELHI/SINGAPORE (Reuters) - Indian state refiners issued their first tenders to import Euro IV-compliant diesel to meet an April deadline for the roll out of cleaner fuel in 13 major cities, traders and company officials said on Friday.Source: Reuters: Money News | 22 Jan 2010 | 10:56 am Noida Toll Bridge posts profits after taxNew Delhi: The Noida Toll Bridge Company Ltd, which runs the Delhi Noida Direct tollway connecting the capital to its suburb in Uttar Pradesh, posted revenues of Rs224 million for the quarter ended December 2009, a 12% increase over the year-ago period. The company posted profits after tax--Rs86 million, as opposed to Rs83 million in the corresponding quarter of 2008--were impacted by additional tax provisions and deferred tax liabilities. Average daily traffic on the tollway 1.08,440 vehicles, an increase of 6% over the third quarter of 2008. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 10:55 am Bharti Airtel ekes out profit amid tariff warNew Delhi: The tariff war that has thrown the world’s fastest growing mobile phone market into turmoil has taken a toll on its largest company, Bharti Airtel Ltd, which eked out a 2% growth in net profit for the quarter ended 31 December to Rs2,210 crore.  Net income fell 5% from the preceding quarter, while the Ebitda (earnings before interest, taxes, depreciation and amortization) margin—a key gauge of profitability—was 40% against 42.1% in the preceding quarter, as a result of the sharp decline in tariffs. The war for subscribers doesn’t look like ending soon, given that more companies are expected to start services, making it evident why Bharti is keen to renew its push to reach out to markets outside the country such as Bangladesh, Sri Lanka and further afield. “The industry is going through a peak in competitive intensity while another two players are expected to launch services soon,” Manoj Kohli, chief executive officer, said in New Delhi on Friday while announcing the results. Bharti has weathered the storm thus far, said a Mumbai-based analyst working with an international brokerage firm on condition of anonymity. “They are handling the competitive intensity well, but the real test will come in the quarters ahead,” he said. “The results are not bad, but the environment has not changed. They have been able to fulfil the strategy they had announced of retaining their market share of both subscribers and revenue.” The tariff war has led to the industry adding 15 million subscribers every month, but many of these are “multiple SIM subscribers”, or people with more than one connection, with around 80% of the market made up of new customers, Kohli said. With companies such as Uninor and MTS starting operations and expansion by incumbents, including Tata Teleservices Ltd and Reliance Communications Ltd (RCom) in the GSM space, tariffs have fallen to “unviable” levels, leading to an intense battle for subscribers. Still, Bharti Airtel sees peace breaking out sometime in the next fiscal year and a subsequent round of mergers. “I think this phase of hyper competition will continue for a couple of quarters,” Kohli said, adding that the competition was expected to stabilize in the second half of the year. “By next year, the industry will see early signs of consolidation.” The current tariff war has led to a stalling of the steady decline in minutes of usage, according to Sanjay Kapoor, deputy CEO at Bharti Airtel. Minutes of usage is a measure of the time subscribers spend on calls. “The minutes of usage may rise higher as more people move to the more competitive plans,” Kapoor said, while sounding a warning. “If pricing continues to plummet, then profitability will also go down.” Other indicators continued to drop. Average revenue per user fell 29% to Rs230 in the December quarter, from Rs324 a year ago, with 60% of new subscribers coming from rural areas. Average minutes of usage fell 12% to 446 minutes, from 505 minutes a year ago and 450 minutes in the previous quarter. The firm saw churn levels increase to 6.5% from the 2.9% reported for the same quarter last year and 4.5% reported at the end of the preceding quarter. This may get exacerbated when mobile number portability, allowing users to change networks while keeping their numbers, is implemented in March 2010. Rival Idea Cellular Ltd, India’s fifth largest cellular operator, hasn’t been able to prevent profit eroding. On Thursday, it reported a 23% decline in net profit to Rs170.11 crore from the year ago, although sales rose 15% to Rs3,149.47 crore. Second ranked RCom, which has been more aggressive in cutting rates, is expected to be worst-hit by the competition and may report quarterly profit almost halved when it unveils earnings later this month, analysts said. Meanwhile, Bharti Airtel’s recent management recast reflects its intent to pursue overseas business with renewed vigour. Starting 1 April, Kohli will head the new international business group that will renew the company’s focus on expansion in emerging markets, with Kapoor taking over as CEO. Bharti, which last week agreed to buy 70% of Bangladesh’s Warid Telecom International Ltd in its first overseas acquisition, will continue to focus on expanding in emerging markets on a priority basis, Kohli said. “This is an appropriate time when we look outwards to international emerging markets and implant our unique business model,” he said. The company’s most ambitious bid to go overseas was thwarted in September when it had to abandon a bid to merge with South Africa’s MTN Ltd after months of negotiations. Bharti, in which South-East Asia’s top phone firm Singapore Telecommunications Ltd owns at least 30%, continues to focus on robust market share despite the “hyper competition” in the market, chairman Sunil Mittal said in a statement. The telecom company’s shares fell 21% in the quarter underperforming the broader market that rose 2%. Bharti’s shares fell 0.3% to Rs321.30 on the Bombay Stock Exchange on Friday, compared with a 1% decline in the benchmark Sensex, which closed at 16,859.68. Source: Home - Livemint.com | 22 Jan 2010 | 10:46 am Union takes Mirc to court over Wada lockoutNew Delhi: Mirc Electronics Ltd, which makes the Onida brand of televisions and other such items, has been taken to court by its workers for locking out its plant at Wada in Maharashtra last week.  Legal tangle: Mirc Electronics chairman Gulu Mirchandani. Ashesh Shah / Mint The Bharatiya Kamgar Sena (BKS), a Shiv Sena-led union active at Mirc’s Wada plant, has written to the labour commissioner’s office to lift the lockout, apart from filing a suit in the labour court in Thane. The firm suspended operations on 1 January because of labour trouble arising from a deadlock over wage revision at the plant, which employs 850 workers and churns out 150,000 colour televisions a year. The company announced a lockout on 16 January “despite a peaceful protest by the workers,” said Duttaram Krishana Jadav, unit president of the labour union at the Wada plant. “We were only demanding a hike in wages for about 500 contract and temporary workers, which is a routine process. When the management did not agree, we protested in a very disciplined manner without causing harm to either people or property at the plant.” Albert Pinto, general secretary, BKS, said that the union has met Mirc executives several times and asked for the lockout to be lifted. “But the management was not ready, so we filed a case in the labour court and the hearing is due on 27 January,” Pinto said. The management said the lockout was a result of worker indiscipline. “We had some disagreement on the wage issue and the workers stopped work. We are currently having meetings with them,” Gulu Mirchandani, founder and chairman, Mirc Electronics, told Mint. “The moment they give us an undertaking that they will come back to work and remain disciplined, we will lift the lockout. This is one of the biggest plants of the company.” Mirc does not expect any significant impact on product supplies due to the shutdown, he said. The firm also manufactures products at nine other plants and vendor-managed units. According to Jadav, the company had agreed to increase the wages of the 350 permanent workers by Rs3,000, an increment that was to be spread over three years. However, it refused to raise wages for the 500 contract and temporary workers even by Rs1,500 for a three-year contract. “The company also wants to cancel the 10-minute tea break taken by the workers in the morning,” Jadav said. “These things are not acceptable.” According to industry estimates, the electronics and appliance manufacturer has a market share of about 10% in the colour television segment. vijaya.r@livemint.com Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 10:42 am Indian investments created 4K jobs in UK in 09 British PrincePrince Michael of Kent on Friday said here that Indian investments helped create 4,000 jobs in the UK last year and both nations need to cooperate more to facilitate business growth.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 10:39 am Monitoring of tourism projects gets tighterNew Delhi: The ministry of tourism has tightened the monitoring of tourism projects and decided to close funds sanctioned till 2004-05 but not fully used by state governments, a top official said. “We have been concerned over the failure of state-level monitoring system on a quarterly basis,” said tourism secretary Sujit Banerjee. The ministry will hold meetings with the states during 10-25 February to prioritize tourism projects, he said. State governments have been asked for reports on the “physical and financial progress” of projects sanctioned during the 9th, 10th and the first two years of the 11th five-year plans. He said many states had failed to submit their utilization certificates to New Delhi, which led to its budget allocation being curtailed. Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 10:25 am Results | Zee News posts 19.3% growth at Rs17.06 crNew Delhi: Media and entertainment company Zee News Ltd on Friday reported a 19.3% growth in its consolidated net sales for the quarter ended 31 December to stand at Rs17.06 crore compared to Rs14.3 crore in the corresponding quarter of the previous fiscal. On a year-on-year basis, the company reported a 26.6% rise in its net profit during the quarter to Rs19.15 crore, against Rs15.13 crore. — Ishita Russell Dish TV losses shrink to Rs76.2 crore New Delhi: Direct-to-home (DTH) operator Dish TV India Ltd managed to contract its losses during its third quarter ended 31 December to Rs76.2 crore, compared with Rs118.06 crore during the same quarter in the previous fiscal. Net sales of the firm rose 43.8% to Rs277.2 crore versus Rs192.8 crore on a year-on-year basis. — Ishita Russell United Breweries Q3 net surges to Rs21.26 cr Bangalore: Beer maker United Breweries Ltd posted a steep jump in its year-on-year net profit for the third quarter on higher sales, but did worse than in the preceding three months. Its net profit in the October-December period surged to Rs21.26 crore from Rs1.47 crore in the corresponding quarter a year earlier, but fell by more than half when compared with the Rs47.20 crore earnings it registered in the second quarter that ended 30 September. — Poornima Mohandas Grasim Industries posts Q3 net of Rs715 cr Mumbai:Grasim Industries Ltd on Friday reported a Rs715 crore net for the quarter ended 31 December, an increase of 56% over the corresponding period last fiscal. The profits were attributable to higher cement sales, the firm’s primary business, and lower input costs. The company plans to invest Rs15,000-16,000 crore in the cement business over the next five years to add 25 million tonne capacity and maintain its current market share of over 40%, said Adesh Gupta, whole time director and chief financial officer. — Joel Rebello Source: LatestNews-Home - Livemint.com | 22 Jan 2010 | 10:20 am Top Internet passwords can easily be hackedInternet users around the world still tend to use easy to remember passwords that can be easily hacked, an expert said. One out of five Web users chose passwords like "abc123," "iloveyou" or even "password" that can easily be cracked.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 9:49 am ITC net rises 27% to Rs1,144 cr, riding on cigarette salesKolkata: The country’s biggest cigarette maker ITC Ltd’s net profit for the December quarter has improved 26.67% over the previous year to Rs1,144.17 crore, driven by impressive performance by all its business segments except hotels.  Cigarettes contributed around 51.5% of ITC’s total third quarter (Q3) revenue of Rs4,531.85 crore, 18.22% higher than in the same period last year. Net revenue from cigarettes at Rs2,331.63 crore was 17% higher than earlier, and pre-tax from the segment rose 15.5% to Rs1,309.84 crore. This is evidence that cigarette sales have remained unaffected by the increase in prices of key brands, said Rajesh Agarwal, director, CD Equisearch Pvt. Ltd—a Kolkata-based stock broking firm. ITC’s pretax margin declined marginally during the quarter, but “remains at a healthy 56%”, he added. ITC shares rose 2.13% to Rs249.35 on the Bombay Stock Exchange on Friday, while the benchmark Sensex index slumped 1.12% to 16,859 points. “Investments are being progressed towards enhancement of quality, productivity and variety,” ITC said about its cigarette business in a statement. “Similarly, focused initiatives have commenced to strengthen the trade and distribution channels.” ITC’s consumer goods business registered a healthy 23.5% year-on-year (y-o-y) increase in revenue, and narrowed its loss to Rs86 crore. In the previous Q3, the segment had a loss of Rs127 crore. The firm, which also sells branded apparels, packaged foods and personal care products, said sales of its packaged foods grew 24% during the quarter. But it added that market conditions continued to be difficult and it is taking steps to mitigate the impact of rising commodity prices. In December, India’s food price index rose by around 20%, the highest in a decade, and its benchmark wholesale price inflation increased 7.31%. ITC’s revenue from its agri business jumped 45.6% to Rs905.16 crore in the latest third quarter, driven by robust sales of leaf tobacco. Export of leaf tobacco during the quarter increased by 194%, ITC said in a statement. Pretax profit from the segment more than doubled to Rs104 crore. Revenue from the paper and paperboards segment during the quarter at Rs845.31 crore was 29.4% higher than in the same period last year, and pretax profit from it was 81% higher at Rs201.41 crore. “The improvement in profitability was driven by an enriched mix of valued-added products…higher capacity utilization and lower input costs,” ITC said about the paper and paperboards segment. ITC’s hotel business, however, continued to suffer. Revenue from the segment remained almost unchanged at Rs247.65 crore over a year ago, but its pretax profit was 16.22% lower at Rs76.29 crore. “The (hotel) business continues to pursue an aggressive investment-led growth strategy recognizing the longer term potential of this sector and the need for increased room capacities commensurate with India’s economic growth,” ITC said. ITC has acquired a 14.99% stake in EIH Ltd, which owns and manages the Oberoi group of hotels—India’s second biggest hotel chain, and has expressed its desire to integrate the two groups. ITC chairman Y. C. Deveshwar maintains his company wouldn’t consider a hostile takeover of EIH. “What was most impressive in the results was the expansion in net margin,” CD Equisearch’s Agarwal said. ITC’s net margin expanded by 168 basis points over a year ago to 25.24%. One basis point is one-hundredth of a percentage point. aniek.p@livemint.com Source: Home - Livemint.com | 22 Jan 2010 | 9:47 am Vodafone extends pay per second tariff to world calling cardsTelecom major Vodafone Essar announced per-second billing scheme for long distance and international calls using its 'World Calling Cards', further fuelling the ongoing tariff war among the operators.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 8:27 am Google Q4 profit soars five fold to 1 97 billionInternet search engine Google has reported a five-fold jump in net income at $1.97 billion in October-December quarter, driven by robust sales figure due to rebound in advertising market.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 8:16 am Lenovo Android phones unaffected by Google China spatLenovo Group, the world's No 4 PC brand, said its mobile phone based on Google's Android platform will not be affected by an ongoing spat between the search giant and the Chinese government.Source: HindustanTimes.com - Top Business News Headlines | 22 Jan 2010 | 8:01 am INTERVIEW - RBI liquidity tweaks won't hit infra investmentNEW DELHI (Reuters) - Any short-term liquidity adjustments in the Reserve Bank's January monetary policy review would not affect investments in India's infrastructure sector in the medium term, a top policy adviser told Reuters on Friday.Source: Reuters: Money News | 22 Jan 2010 | 5:34 am
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